Guam § 2206 - Same: Consolidation.

§ 2206. Same: Consolidation.

(1) This Section applies to a transaction involving a consumer

credit sale other than one pursuant to a revolving charge account.

(2) If a buyer has an unpaid balance owing to seller or his transferee

with respect to a previous consumer credit sale to a previous Consumer

Credit Sale and he enters into a subsequent consumer credit sale with the

same seller, the parties may agree to a consolidation resulting in a single

schedule of payments pursuant to either Subsections (a) or (b):

(a) The parties may agree to refinance the unpaid balance with

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respect to the previous sale pursuant to the provisions on

refinancing § 2205) and to consolidate the amount financed

resulting from the refinancing by adding it to the amount financed

with respect to the subsequent sale. The seller or his transferee may

contract for and receive a credit service charge based on the

aggregate amount financed resulting from the consolidation at a rate

not in excess of that permitted by the provisions on credit service

charge for consumer credit sales § 2201);

(b) The parties may agree to consolidate by adding together the

unpaid balances with respect to the two sales.